News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Australian #Dollar Forecast: #Aussie Breaks 2021 Range- $AUDUSD Rally at Risk - https://t.co/kV3Jr9KSqW https://t.co/3259U46BNn
  • Gold plunged into a critical uptrend support and the focus is on a reaction off this threshold. Get your $XAUUSD market update from @MBForex here:https://t.co/9647GKHVTa https://t.co/VOxFsFU8rf
  • NY Fed accepts $813.6 billion in reverse repo operations, a new record high $USD $DXY
  • Bostic sees first hike in 'late 2022' and doesn't want to hike until Taper is complete. If the Fed follows the three quarter spacing timeline it would suggest roughly: Dec 2022 hike < March 2022 finish taper < any month now start taper https://t.co/j25E9vAUc1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.94%, while traders in GBP/JPY are at opposite extremes with 73.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/6aDy5vbueT
  • Note: Bostic is a voter this year, but not a voter in 2022 or 2023 https://t.co/qs3RWJ2v3Z
  • - Would prefer to hold off on raising interest rates until taper is complete
  • - Does not have a strong view on whether to taper mortgages before treasuries - Does not want to be premature in pulling back bond purchases, but market is functioning now
  • - Close to meeting substantial further progress standard to start bond tapering, appropriate to begin debate
  • Fed's Bostic - States that given upside surprises has brought forward first rate increase to late 2022 and sees two additional 25bps rate increases in 2023
Euro Extends Decline Below 1.30 on a Lower PMI Revision

Euro Extends Decline Below 1.30 on a Lower PMI Revision

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Euro-zone composite PMI for June revised lower to 48.7 -> Markit says it sees 0.2% GDP decline in Q2 -> Euro declines further below 1.30

The Euro-zone composite Purchasing Managers’ Index rose to a yearly high in June, according to Markit’s final estimate. However, the 48.7 index result was slightly lower than a preliminary estimate of 48.9. The services PMI for the Euro-zone was also revised lower to 48.3, but still remained at a five month high in June. The composite output PMI indicated a decline in activity for the seventeenth straight month, as the index was again reported below the neutral 50.0 level.

The German PMI for services was also revised lower to 50.4 from 51.3, while the French services index was revised higher to 47.2. Germany’s measure of all-sector output measure was reported at 50.4. Employment again fell in June according to Markit, but at a weaker rate.

Markit reported that the indexes indicate a seventh quarter of economic contraction in the Euro-zone in the second quarter, likely seeing a second straight quarter of 0.2% GDP decline. “However, there is good reason to believe that the region is stabilizing and on course to return to growth during the second half of the year,” said Markit Chief Economist Chris Williamson.

The Euro continued to decline as the services PMI’s were announced in various countries around the Euro-zone, ahead of the final composite release. EUR/USD is trading around 1.2930 at the time of this writing and may see resistance by the key 1.3000 figure. The pair may see support by a rising trend line from September 2012.

(How does a Currency War affect your FX trading? Take our free course to find out!)

EURUSDDaily: July 3, 2013

Euro_Extends_Decline_Below_1.30_on_a_Lower_PMI_Revision_body_eurusd_daily_chart.png, Euro Extends Decline Below 1.30 on a Lower PMI Revision

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES